Research Frontiers Reports Third Quarter 2026 Financial Results, SPD Production Restart and Expanding Commercial Opportunities and Will Host a Conference Call at 4:30 p.m. Today
WOODBURY, N.Y., Nov. 05, 2026 (GLOBE NEWSWIRE) -- Research Frontiers Inc. (Nasdaq: REFR) announced its financial results for its third quarter of 2026. Management will host a conference call today at 4:30 p.m. Eastern Time to discuss its financial and operating results as well as recent developments including the status of its SPD film supply licensee Gauzy, the restart of SPD emulsion and film production, and expanding commercial activities.
| • | Who: Joseph M. Harary, President & CEO | |
| • | Date/Time: Thursday, November 5, 2026, 4:30 PM ET | |
| • | Dial-in Information:1-888-334-5785 | |
| • | Conference Link: https://join.broaddata.com/?id=research-frontiers | |
| • | Replay: Available on Friday, November 6, 2026 for 90 days at https://smartglass-ir.com/ | |
Third Quarter Financial Results and Key Business Developments
Fee income was $77,041 for the third quarter of 2026 compared with $359,444 in the prior-year quarter. The decrease reflected a nonrecurring government-contract royalty in the comparable 2025 period and disruption of SPD emulsion and film production at Gauzy, partially offset by increased royalties from motorcycle helmet and ski/snow goggle applications.
The net loss for the quarter was $510,304, or $0.01 per share, compared with a net loss of $298,508, or $0.01 per share, in the third quarter of 2025.
At September 30, 2026, cash and cash equivalents were approximately $645,000 ($19,671 lower than at year-end 2025), and working capital was approximately $538,000. The Company has no debt and will discuss on its conference call today its liquidity position as disclosed in its September 30, 2026 Form 10-Q filed today.
In October, Gauzy Ltd., a licensee, strategic investor in the Company, and key participant in the SPD manufacturing supply chain, announced new financing and the restructuring of its liabilities. Gauzy has stated that payments from additional financing and capital resources have begun to support the restart of SPD emulsion production in Israel and SPD film production in Germany. These are steps toward restoring supply of SPD emulsion and film and filling the backlog of existing customer orders in multiple markets.
Research Frontiers and its licensees continue work on automotive, aircraft and other transportation programs, next-generation black SPD technology, and an architectural retrofit system intended to bring dynamic light and heat control to existing glazing. SPD-SmartGlass has also been selected for electronically dimmable windows on two new aircraft models expected to be produced in North America, and was recently unveiled in North America on a new light jet. Separately, the Company continues to engage with prospective commercial customers and suppliers in aircraft, marine and architectural applications.
Management Commentary
“During our August conference call, we discussed the extraordinary disruption caused by the financial situation of Gauzy, a major participant in our supply chain,” said Joseph M. Harary, President and Chief Executive Officer of Research Frontiers. “Since then, important steps have been taken. Gauzy reported that it restructured its debt and other obligations, announced new financing, and made payments to support restarting the production by Gauzy of SPD emulsion in Israel and SPD film in Germany. Those developments matter because reliable production is the link between the technology and the customer programs (existing and developing) that depend on it. Our focus is shifting from managing an interruption in the availability of SPD light-control film, to supporting the return of supply, growth, and moving multiple commercial programs forward.”
“What is particularly encouraging is the breadth of the opportunity,” Harary continued. “SPD technology is already proven in demanding automotive, aircraft, marine and architectural applications. We have been selected for electronically dimmable windows on two new North American aircraft models and the recent unveiling of a third new aircraft using our SPD-Smart technology. We are developing black SPD to offer designers additional choices, and our architectural retrofit initiative is aimed at a substantial installed base of existing buildings, rather than only new construction. We also continue to see interest from manufacturers and project developers across our markets. The strong underlying demand for better light and heat control, and the demonstrated performance and reliability of our SPD-Smart light control technology gives us good reason to be enthusiastic about the work ahead.”
During today’s investor conference call, management expects to discuss the Gauzy developments, the status of the SPD supply chain, commercial programs, product development, liquidity and other matters.
For more details, please see the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ending September 30, 2026.
About Research Frontiers
Research Frontiers (Nasdaq: REFR) is a publicly traded technology company and the developer of patented SPD-Smart light-control film technology that allows users to instantly, precisely and uniformly control the shading of glass or plastic products, either manually or automatically. Research Frontiers has licensed its smart glass technology to numerous companies that include well known chemical, material science and glass companies. Products using Research Frontiers’ smart glass technology are being used in tens of thousands of cars, aircraft, yachts, trains, homes, offices, museums and other buildings. For more information, please visit our website at www.SmartGlass.com, and on Facebook, Twitter, LinkedIn and YouTube.
Note: From time to time Research Frontiers may issue forward-looking statements which involve risks and uncertainties. This press release contains forward-looking statements. Actual results, especially those reliant on activities by third parties, could differ and are not guaranteed. Any forward-looking statements should be considered accordingly. “SPD-Smart” and “SPD-SmartGlass” are trademarks of Research Frontiers Inc.
CONTACT:
Joseph M. Harary
President and CEO
Research Frontiers Inc.
+1-516-364-1902
Info@SmartGlass.com
RESEARCH FRONTIERS INCORPORATED
Condensed Consolidated Balance Sheets
| September 30, 2026 | December 31, 2025 | |||||||
| (Unaudited) | ||||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 644,628 | $ | 664,299 | ||||
| Royalties receivable, net of reserves of $1,554,377 and $1,384,850, respectively | 223,853 | 408,666 | ||||||
| Prepaid expenses and other current assets | 114,187 | 70,969 | ||||||
| Total current assets | 982,668 | 1,143,934 | ||||||
| Fixed assets, net | 2,559 | 3,393 | ||||||
| Operating lease ROU assets | 917,308 | 1,048,352 | ||||||
| Deposits and other assets | 56,066 | 56,066 | ||||||
| Total assets | $ | 1,958,601 | $ | 2,251,745 | ||||
| Liabilities and Shareholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Current portion of operating lease liability | $ | 156,511 | $ | 146,043 | ||||
| Accounts payable | 156,474 | 132,666 | ||||||
| Deferred revenue | 27,452 | - | ||||||
| Accrued expenses | 104,166 | 19,168 | ||||||
| Total current liabilities | 444,603 | 297,877 | ||||||
| Operating lease liability, net of current portion | 901,209 | 1,020,242 | ||||||
| Total liabilities | 1,345,812 | 1,318,119 | ||||||
| Shareholders’ equity: | ||||||||
| Common stock, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 34,867,786 in 2026 and 33,648,221 in 2025 | 3,487 | 3,365 | ||||||
| Additional paid-in capital | 129,926,946 | 128,552,068 | ||||||
| Accumulated deficit | (129,317,644 | ) | (127,621,807 | ) | ||||
| Total shareholders’ equity | 612,789 | 933,626 | ||||||
| Total liabilities and shareholders’ equity | $ | 1,958,601 | $ | 2,251,745 |
RESEARCH FRONTIERS INCORPORATED
Condensed Consolidated Statements of Operations
(Unaudited)
| Nine months ended September 30, | Three months ended September 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Fee income | $ | 299,706 | $ | 1,049,125 | $ | 77,041 | $ | 359,444 | ||||||||
| Operating expenses | 1,624,186 | 1,934,041 | 475,588 | 521,642 | ||||||||||||
| Research and development | 393,808 | 473,709 | 119,574 | 141,746 | ||||||||||||
| Total expenses | 2,017,994 | 2,407,750 | 595,162 | 663,388 | ||||||||||||
| Operating loss | (1,718,288 | ) | (1,358,625 | ) | (518,121 | ) | (303,944 | ) | ||||||||
| Interest income | 22,451 | 31,247 | 7,817 | 5,436 | ||||||||||||
| Other income | - | 47,357 | - | - | ||||||||||||
| Net loss | $ | (1,695,837 | ) | $ | (1,280,021 | ) | $ | (510,304 | ) | $ | (298,508 | ) | ||||
| Basic and diluted net loss per common share | $ | (0.05 | ) | $ | (0.04 | ) | $ | (0.01 | ) | $ | (0.01 | ) | ||||
| Weighted average number of common shares outstanding | 34,631,755 | 33,648,221 | 34,867,786 | 33,648,221 |
RESEARCH FRONTIERS INCORPORATED
Condensed Consolidated Statements of Shareholders’ Equity
(Unaudited)
For the nine months ended September 30, 2026 and 2025
| Additional | ||||||||||||||||||||
| Common Stock | Paid-in | Accumulated | ||||||||||||||||||
| Shares | Amount | Capital | Deficit | Total | ||||||||||||||||
| Balance, January 1, 2025 | 33,648,221 | $ | 3,365 | $ | 128,177,193 | $ | (125,576,223 | ) | $ | 2,604,335 | ||||||||||
| Share-based compensation | - | - | 175,204 | - | 175,204 | |||||||||||||||
| Net loss | - | - | - | (1,280,021 | ) | (1,280,021 | ) | |||||||||||||
| Balance, September 30, 2025 | 33,648,221 | $ | 3,365 | $ | 128,352,397 | $ | (126,856,244 | ) | $ | 1,499,518 | ||||||||||
| Balance, January 1, 2026 | 33,648,221 | $ | 3,365 | $ | 128,552,068 | $ | (127,621,807 | ) | $ | 933,626 | ||||||||||
| Issuance of common stock and warrants | 1,219,565 | 122 | 1,374,878 | - | 1,375,000 | |||||||||||||||
| Net loss | - | - | - | (1,695,837 | ) | (1,695,837 | ) | |||||||||||||
| Balance, September 30, 2026 | 34,867,786 | $ | 3,487 | $ | 129,926,946 | $ | (129,317,644 | ) | $ | 612,789 |
For the three months ended September 30, 2026 and 2025
| Additional | ||||||||||||||||||||
| Common Stock | Paid-in | Accumulated | ||||||||||||||||||
| Shares | Amount | Capital | Deficit | Total | ||||||||||||||||
| Balance, June 30, 2025 | 33,648,221 | $ | 3,365 | $ | 128,352,397 | $ | (126,557,736 | ) | $ | 1,798,026 | ||||||||||
| Net loss | - | - | - | (298,508 | ) | (298,508 | ) | |||||||||||||
| Balance, September 30, 2025 | 33,648,221 | $ | 3,365 | $ | 128,352,397 | $ | (126,856,244 | ) | $ | 1,499,518 | ||||||||||
| Balance, June 30, 2026 | 34,867,786 | $ | 3,487 | $ | 129,926,946 | $ | (128,807,340 | ) | $ | 1,123,093 | ||||||||||
| Net loss | - | - | - | (510,304 | ) | (510,304 | ) | |||||||||||||
| Balance, September 30, 2026 | 34,867,786 | $ | 3,487 | $ | 129,926,946 | $ | (129,317,644 | ) | $ | 612,789 |
RESEARCH FRONTIERS INCORPORATED
Condensed Consolidated Statements of Cash Flows
(Unaudited)
| Nine months ended September 30, | ||||||||
| 2026 | 2025 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (1,695,837 | ) | $ | (1,280,021 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 947 | 9,279 | ||||||
| Share-based compensation | - | 175,204 | ||||||
| Credit loss expense | 169,527 | 124,253 | ||||||
| ROU asset amortization | 131,044 | 130,607 | ||||||
| Change in assets and liabilities: | ||||||||
| Royalty receivables | 15,286 | 162,082 | ||||||
| Prepaid expenses and other assets | (43,218 | ) | (19,114 | ) | ||||
| Accounts payable and accrued expenses | 108,806 | (74,294 | ) | |||||
| Deferred revenue | 27,452 | 5,336 | ||||||
| Operating lease liability | (108,565 | ) | (96,546 | ) | ||||
| Net cash used in operating activities | (1,394,558 | ) | (863,214 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Purchases of fixed assets | (113 | ) | (582 | ) | ||||
| Net cash used in investing activities | (113 | ) | (582 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Net proceeds from sale of common stock and warrants | 1,375,000 | - | ||||||
| Net cash provided by financing activities | 1,375,000 | - | ||||||
| Net decrease in cash and cash equivalents | (19,671 | ) | (863,796 | ) | ||||
| Cash and cash equivalents at beginning of period | 664,299 | 1,994,186 | ||||||
| Cash and cash equivalents at end of period | $ | 644,628 | $ | 1,130,390 |
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